ATHENS, Greece, June 18, 2024 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ:ESEA, the "Company" or "Euroseas")), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today it has entered into a time charter contract for M/V Pepi Star, a newbuilding fuel efficient 1,800 teu feeder containership currently under construction, for a minimum period of 23 to a maximum period of 25 months at the option of the charterer, at a gross daily rate of $24,250. The new charter will commence upon delivery of the vessel from the shipyard expected to take place on or about July 19, 2024. The acquisition was financed with a combination of debt and equity.
Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are pleased to announce that we have chartered our upcoming newbuilding vessel, the seventh in a series of nine and last of our three 1,800 teu units, with a top-tier liner company, at a profitable rate level of $24,250/day for a period of two years. This rate represents a 10% increase compared to our fixture of its sister vessel, M/V Stephania K, at $22,000 just a week ago, a clear indication of the continuously strengthening rates of the containership charter market during the last months. The present charter is expected to contribute about $12.3 million of EBITDA for the minimum contracted period; it increases our remaining 2024 charter coverage to 91%."
Fleet Profile:
The Euroseas Ltd. fleet profile after the charter of M/V Pepi Star is as follows:
Name | Type | Dwt | TEU | Year Built | Employment | TCE Rate ($/day) |
Container Carriers | ||||||
MARCOS V(*) | Intermediate | 72,968 | 6,350 | 2005 | TC until Dec-24 | $42,200 |
TC until Aug-25 | $15,000 | |||||
SYNERGY BUSAN(+) | Intermediate | 50,726 | 4,253 | 2009 | TC until Dec-24 | $25,000 |
SYNERGY ANTWERP(*) | Intermediate | 50,726 | 4,253 | 2008 | TC until Mar-25 | $26,500(**) |
SYNERGY OAKLAND(*) | Intermediate | 50,787 | 4,253 | 2009 | TC until May-26 | $42,000 |
SYNERGY KEELUNG(*) | Intermediate | 50,969 | 4,253 | 2009 | TC until Apr-25 | $23,000 |
EMMANUEL P(*) | Intermediate | 50,796 | 4,250 | 2005 | TC until Apr-25 | $21,000 |
RENA P(*) | Intermediate | 50,796 | 4,250 | 2007 | TC until Apr-25 | $21,000 |